Ford Motor Co Names James Hackett As New CEO Monday May 22,2017
Ford Motor Co abruptly named James Hackett as chief executive on Monday May 22,2017, responding to investors' growing unease about the U.S.automaker's slumping stock price and its ability to counter threats from longtime rivals and Silicon Valley.
Hackett, 62, a turnaround expert who for the past year has led the Ford unit developing self-driving cars and related projects, replaces Mark Fields, 56, who spent less than three years as CEO.
Ford Chairman Bill Ford Jr. said he wanted Hackett to speed up decision-making and cut costs, but did not offer specifics on how the new CEO should change operations at the U.S. No. 2automaker.
"The clock speed at which our competitors are working …requires us to make decisions at a faster pace," Ford said.
Ford, once the most financially secure of the 'Big Three' Detroit automakers, and the only one not to take U.S. government money in the U.S. auto industry bailout a decade ago, reported record profit in 2015, but now finds itself under pressure on all sides as overall U.S. auto sales fall.